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Rheinmetall Defence and Boustead joint shareholders in Contraves Malacca

Rheinmetall Defence and Boustead joint shareholders in Contraves Malacca

6 July 2010
 

Rheinmetall Defence of Düsseldorf, Germany, and Boustead Heavy Industries Corporation Sdn Bhd of Kuala Lumpur, Malaysia, have entered into a strategic agreement for the joint ownership of Contraves Advanced Devices Sdn Bhd in Malacca.

Under the joint agreement, Boustead Heavy Industries Corporation will take up a 51% stake in the Rheinmetall subsidiary Contraves Advanced Devices Sdn Bhd of Malacca, effective 1 July 2010. Rheinmetall will retain a 49% share in Contraves Advanced Devices and control of the operational management.

Rheinmetall Defence and Boustead intend a further collaboration to serve new markets as well as enabling a technology transfer that will substantially benefit both Malaysian industry and the Malaysian military. This partnership seeks to foster the growth of high-tech production in Malaysia to strengthen the country's defence technology industrial base and open additional opportunities for exports.

Boustead Heavy Industries Corporation is a component of the Boustead Holdings Berhad conglomerate. Among other things, it is a major supplier of military technology to the armed forces of Malaysia and other nations in the region. Thanks to its extensive product portfolio, and with the pension fund of the Malaysian armed forces (LTAT) as its principle shareholder, Boustead Holdings Berhad is clearly a major player in equipping and modernizing Malaysia's armed services.

Rheinmetall's expertise, especially in ground forces technology and tactical vehicles, and Boustead's know-how in naval technology and defence electronics, make the two groups perfect partners in the quest to supply the region's armed forces with advanced capabilities. For its part, Rheinmetall expects the relationship to lead to better market access for its products and technologies for ground, naval and air force applications.